Saylor’s strategy buys more Bitcoin despite declining paper profits

Saylor’s strategy buys more Bitcoin despite declining paper profits

Saylor hinted at the purchase in a Sunday tweet.

The world’s largest corporate holder of bitcoin just announced its latest such purchase, which was executed before Thursday and Saturday’s market crashes, at an average price of nearly $88,000.

The company spent $75.3 million to acquire 855 BTC, increasing its total supply to 713,502 units.

From the post above, it appears that the company’s assets were purchased for approximately $54.26 billion, at an average price of $76,052 per BTC. Considering the cryptocurrency’s current price tag of less than $78,000, that means the company’s paper profits have shrunk to less than $3 billion.

Consider that last week the number was almost $8 billion, while Bitcoin was closer to $90,000. However, the asset fell sharply twice in the past week: on Thursday and Saturday.

The first fell to $81,000 before the bears took full control of the market and pushed it south to $74,400 earlier today. This meant that Strategy’s holdings were briefly in the red for the first time since October 2023.

Strategy’s own shares have not been spared from the overall market disaster, as they are down more than 6% in the past five days.

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